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Correlation between the British currency and oil

Correlation between the British currency and oil | 01 May 2020

01 May 2020, GBP/USD

Correlation between the British currency and oil

GBPUSD trading plan:

The bullish rally in the oil market will have a positive impact on the value of the British currency. Norway, Western Europe’s largest oil producer, said on Thursday it was joining OPEC and rest of the world in output cuts. OPEC, meanwhile, has a target to reduce 9.7 million bpd from global supply. Crude oil markets strengthened on hopes of rising demand as many large economies move toward rolling back the more stringent shutdown orders to contain the COVID-19 pandemic as many believed the outbreak has reached a peak.

Trading recommendation: Buy 1.2540 and take profit 1.2595.

David Johnson
Analyst of «FreshForex» company
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